The loan funds or cash is related to the loan repayments or disbursements. The funds can be received as incoming payments or as contract disbursements. See below for instructions on managing loan funds in the BackOffice.
You can transfer the funds from the servicing account to the loan contract.
Find the loan contract in question.
Click the Contract number to access the contract information.
From the content menu, choose Billing > Funds.
On the Loan contract page, click the Transfer from account button.
Fill in the transfer details:
Amount - enter the transfer amount.
Details - enter the transfer details.
Choose the servicing account.
Click Submit to create a transfer from servicing account.
Loans > Search > Funds.
Fill in the search parameters > Search.
To access the fund details, click the Fund Identifier.
The fund details page has three action buttons:
Start repayments - to start repayments.
Change block - to change the repayments block date.
Transfer to account - to transfer funds to the account.
Note that the Transfer to account button is displayed for an available fund only if a loan contract has a servicing account in the Tuum system.
If the borrower needs to allocate available funds immediately, you can do the following:
Find available funds.
Check if the funds have an active repayment block. If so, click the Change block button and remove the Repayments blocked until date > Save.
Start repayment by clicking the Start repayments button > click Yes for the confirmation.
